The Palatka daily news. (Palatka, Fla.) 1884-1888, 1887-03-13
An Opposition which the street Believes
Exists Only On Paper.

There was excitement i'm Wall street
yesterday caused by a new ''break" in
the price of American Oil Trust stock.
The drop from $50 per share to $40 30.
caused one week ago by Mr.. L. ID.
ArmOurs threat to organize a rival cor
poration. was followed by a gradual re-
covery which brought the price on Satur-
day to x53. This figure was reached on
the alleged statement Of Mr.. Armour
that he had made favorable terms with
the Trust and had Withdrawn from the
rival project.
The stock opened g lower yesterday
morning. at 80, on the published state
ment that the new company had been
chartered i'm Camden. n. j.. with a capi-
tai of q. 900 900 and under the name of
the Southern Cotton Oil Company. With
the object of depressing the general stock
market. the bears, encouraged by the
memory of last years break" began to
hammer the stock, and it went down
with a rush to xis.s5.
An alleged statement from Mr.. Ar
mour that he had not withdrawn from
the opposition scheme helped the decline.
At the price named, however, several
ell-known traders and stock commits
sion houses-among them X. Il. Flower
& Co.-entered the lis.s as buyers. and
the price advanced above $50.
Late in the day the stock reacted 81 on
the receipt of dispatches in the street
announcing that the new company had
filed articles Of incorporation at Trenton.
The names Of the incOrpOrators did not
reach Wall street until after the market
closed. Mr.. Armour's il not among
them.
The incorporators are:-Henry &.
Butcher and William S. Harvey. Phila-
delphia; Frederick Oliver and Daniel A.
Tompkin. Charlotte, y. G.; Alvin &.
NarIand. Camden. n. j. The principal
office il To he at Camden. The officers
are:-President, Henry q. Butcher:
manager, Frede. TX Oliver; secretary
and treasurer, John Oliver, and en-
gineer, Daniel A. Tompkins. According
to the depatches received here, .'the
capital stock is s5.OOO.OOO Of which
- .OOO, ,OO0 is paid i'm by the incorporators
as follows:-Henry G. Butcher, 81 900,
600: William y. Harvey, 10000: John
Oliver $l.OO0.OO: Frederick Oliver.
$500 600: David A. Tompkins. f4OO. 600,
and Alvin C.. Newland. $500. 100.
Old traders express the opinion that
the scheme will do more in Wall street
than in the South, and il was limited that
the whole project by an opposition was
"a regular Standard Oil trick" 1t was
recalled that when the insiders of the
Standard wanted to buy up the amount
of their own stock then in the hands Of
Of the public, they advised outsiders not
TO touch it even after it broke to $50.
After the insiders absorbed the stock il
sold up to taO. II is predicted that Mr..
Armour will either make contract al
low rates with the Trust for all the oil
used in his packing business, n will ap-
pear later on, a. the possessor of a large
amount Of the certificates shaken out
of guileless and financially feeble stock
holders. As indicating the character a
the new company it was stated In Wall
street yesterday that the Oliver brothers,
who are set down respectfully as mana,
/ ger and treasurer, and as subscribing re.
| spectfully u ,000. 600 and >600. go, were
recently in the service Of the Americas
Trust, each managing mill on salary
of about - go.